Failure to Prevent - How can Cifas help?

1.Top level commitment
Communication and endorsement of the organisation’s stance on preventing fraud,including mission statements.Ensuring that there is clear governance across the organisation in respect of the fraud prevention framework commitment to training and resourcing. Leading by example and fostering an open culture, where staff feel empowered to speak up if they encounter fraudulent practices.

Developing and implementing a Fraud Prevention framework and assisting to demonstrate your organisations top level commitment to fraud prevention training
through our Professional Certificate in Fraud Prevention.

2.Risk assessment
The organisation assesses the nature and extent of its exposure to the risk of employees, agents and other associated persons committing fraud in scope of the offence. The risk assessment is dynamic, documented and kept under regular review.

Developing, implementing, and managing a dynamic and thorough risk assessment
through our Fraud Risk Assessment and Management course.

3.Proportionate risk-based prevention procedures
The relevant body should draw up a fraud prevention plan, with procedures to prevent fraud being proportionate to the risk identified in the risk assessment.

Create an effective fraud prevention plan tailored to your organisation through our
ln Practice: Financial Crime Prevention course.

4.Due diligence
Relevant organisations should conduct due diligence on associated persons.

Insider Threat Protect, Share, and access the only database of instances of dishonest conduct by job applicants and employees. Conduct due diligence on people associated with your
company to prevent insider fraud. Join nearly 300 organisations already using Insider Threat Protect.

‘Being an organisation that is regulated by the FCA within the financial services sector, the
financial integrity of our employees is a critical risk factor for us. Adding the additional checks to our background screening packages will allow us to make sure our employees represent the highest financial integrity and in turn are able to support our customers accordingly focusing on delivering the best outcomes for them.’ Kensington Mortgages

Insider Threat Protect can be deployed at any stage in the employee life-cycle, from recruitment to retirement:

• Recruitment: Screen job applicants ‘at the gate’
• On-boarding: Integrate into your probation process
• Development: Identify those who could be experiencing difficulties that could make them susceptible to committing fraud, to limit your exposure and the damage to your business
• Retention: Annual checks both warn and reassure present and future employees, customers,and stakeholders that you take internal fraud seriously
• Exit: Flag those who may pose a risk during redundancy or when retiring

5.Communication (including training)
The organisation seeks to ensure that its prevention policies and procedures are communicated, embedded and understood throughout the organisation, through internal and external communication. Training and maintaining training are key.

Training through our Cifas Fraud & Cyber Academy. We offer several specialised certifications and professional certificates to enhance individual expertise in counter fraud knowledge and skills, as well as bespoke training for teams. Train your entire organization with Cifas Digital Learning
solution to fraud awareness training, Apollo. New Insider Threat Protect members, until 1 April 2025 will receive 25 licenses for our Digital Learning solution, Apollo, at no extra cost.

6.Monitoring and review
Monitoring includes three elements: detection of fraud and attempted fraud, investigations and monitoring the effectiveness of fraud prevention measures.

Learn how to detect and investigate fraud in your organisation and apply it immediately
In Practice: Financial Crime Investigation course.